Aquamarine Capital’s 13F portfolio value increased from
$208M to $213M during the quarter.

The small POSCO stake was almost eliminated while
increasing Seritage Growth Properties.

Fiat Chrysler & Berkshire Hathaway are the largest two
positions.

Guy
Spier’s Aquamarine Capital Portfolio value increased ~2% from $208M to $213M during
the quarter. The portfolio is very concentrated with just 14 positions. The largest
five positions are Fiat Chrysler Auto (FCAU), Berkshire Hathaway (BRK.A), Ferrari
NV (RACE), American Express (AXP), and General Motors WTS (GM-WTB). They
together add up to ~70% of the entire portfolio. Most of the top positions have
remained steady in recent quarters.

Below
is a spreadsheet that highlights the changes to the portfolio as of Q2 2018.
Please check out our previous update to have an idea on how the
portfolio is progressing: